Luxury smartphone maker Vertu is shutting down

Vertu, the luxury smartphone maker is shutting down after it failed to rescue the company from bankruptcy. It currently owes creditors £128 million in debt and was only able to pay back £1.9 million according to The Telegraph. This means that Vertu’s offices in the UK will be shut down and unfortunately with it comes the loss of more than 200 jobs.

Say goodbye to diamond-encrusted smartphones.

Vertu, the luxury smartphone maker is shutting down after it failed to rescue the company from bankruptcy. It currently owes creditors £128 million in debt and was only able to pay back £1.9 million according to The Telegraph. This means that Vertu’s offices in the UK will be shut down and unfortunately with it comes the loss of more than 200 jobs.

Currently owned by Murat Hakan Uzan who bought the company last March will still retain ownership of the brand along with various technology and design licenses. He did mention that he still intends to resurrect the company in the future.

Vertu has always been known to produce extravagant smartphones handmade from various rare materials – which can explain its exuberant price. It worked back when smartphones were only running Symbian and other related operating systems, and somehow it quickly diminished when iOS and Android became popular.

Vertu did start making luxury smartphones running on Android, though the problem is that it can’t quite keep up with the updates. You can purchase an expensive device from Vertu, but will be disappointed to know that it is running on an older Android version. This alone made even Vertu loyalists sway to other brands.

Even if Vertu manages to come back, there’s a good chance it will be different from the Vertu we know now.

Are you a Vertu user? What do you think of the brand going bankrupt? Tell us your thoughts in the comments below!

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